UPDATE: JP Morgan Raises PT to $176 on Precision Castparts; M&A, Q4 Catalysts
JP Morgan raises its price target on Precision Castparts (NYSE: PCP) from $170 to $174 as it reiterates a rating of Overweight.
JP Morgan comments, "PCP delivered a nice Q4 that shored up the top line outlook and showed signs of the re-emergence of a key value driver from the PCP of a few years ago: margin expansion at acquisitions. We are raising estimates for the RathGibson and Centra acquisitions plus some improvement in core sales and margins. Our new price target of $176 (+$6) offers 6% upside, but we expect further acquisitions to ultimately drive our estimates and target price higher."
PCP closed at $166.54 on Thursday.
Latest Ratings for PCP
|Jan 2016||Gabelli & Co.||Downgrades||Buy||Sell|
|Oct 2015||Wells Fargo||Downgrades||Outperform||Market Perform|
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